# Table 15: Rolling 10-Year Window Z₁ on Income Balance

| Window | Z₁ coef | Z₁ SE | p-value | R² | N | Method |
|--------|--------:|------:|--------:|---:|--:|--------|
| 1985-1994 | 114.453** | 53.080 | 0.0316 | 0.085 | 477 | PanelGLS |
| 1986-1995 | 119.826** | 50.151 | 0.0172 | 0.092 | 536 | PanelGLS |
| 1987-1996 | 118.561** | 47.929 | 0.0136 | 0.089 | 605 | PanelGLS |
| 1988-1997 | 99.004** | 44.568 | 0.0267 | 0.096 | 687 | PanelGLS |
| 1989-1998 | 104.240** | 40.664 | 0.0106 | 0.105 | 767 | PanelGLS |
| 1990-1999 | 92.037** | 37.069 | 0.0132 | 0.109 | 847 | PanelGLS |
| 1991-2000 | 88.774*** | 31.567 | 0.0050 | 0.135 | 923 | PanelGLS |
| 1992-2001 | 34.743 | 29.517 | 0.2395 | 0.108 | 995 | PanelGLS |
| 1993-2002 | 43.053 | 26.973 | 0.1107 | 0.133 | 1,068 | PanelGLS |
| 1994-2003 | 31.885 | 25.194 | 0.2059 | 0.147 | 1,138 | PanelGLS |
| 1995-2004 | 19.406 | 24.434 | 0.4272 | 0.146 | 1,204 | PanelGLS |
| 1996-2005 | 17.451 | 24.019 | 0.4676 | 0.149 | 1,261 | PanelGLS |
| 1997-2006 | 15.228 | 23.872 | 0.5236 | 0.138 | 1,307 | PanelGLS |
| 1998-2007 | 40.761* | 23.266 | 0.0800 | 0.135 | 1,341 | PanelGLS |
| 1999-2008 | 47.985** | 23.208 | 0.0389 | 0.146 | 1,369 | PanelGLS |
| 2000-2009 | 51.131** | 22.825 | 0.0252 | 0.165 | 1,393 | PanelGLS |
| 2001-2010 | 65.392*** | 22.313 | 0.0034 | 0.194 | 1,402 | PanelGLS |
| 2002-2011 | 60.382*** | 22.426 | 0.0072 | 0.207 | 1,407 | PanelGLS |
| 2003-2012 | 52.323** | 22.877 | 0.0223 | 0.195 | 1,410 | PanelGLS |
| 2004-2013 | 54.968** | 21.580 | 0.0110 | 0.203 | 1,415 | PanelGLS |
| 2005-2014 | 44.710** | 20.825 | 0.0320 | 0.204 | 1,420 | PanelGLS |
| 2006-2015 | 44.985** | 20.052 | 0.0250 | 0.198 | 1,423 | PanelGLS |
| 2007-2016 | 39.813* | 20.590 | 0.0534 | 0.211 | 1,426 | PanelGLS |
| 2008-2017 | 37.166* | 20.541 | 0.0706 | 0.205 | 1,428 | PanelGLS |
| 2009-2018 | 23.950 | 20.664 | 0.2466 | 0.186 | 1,431 | PanelGLS |
| 2010-2019 | 28.596 | 20.252 | 0.1582 | 0.193 | 1,432 | PanelGLS |
| 2011-2020 | 13.673 | 20.921 | 0.5135 | 0.170 | 1,291 | PanelGLS |
| 2012-2021 | 22.757 | 20.475 | 0.2666 | 0.186 | 1,151 | PanelGLS |
| 2013-2022 | 18.037 | 21.504 | 0.4018 | 0.189 | 1,010 | PanelGLS |
| 2014-2023 | 11.744 | 22.627 | 0.6039 | 0.193 | 867 | PanelGLS |
| 2015-2024 | 16.222 | 24.190 | 0.5027 | 0.204 | 723 | PanelGLS |

*10-year rolling windows. PanelGLS with AR(1) errors where feasible; OLS fallback.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*